Capital repayment mortgages
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Most mortgages you'll see advertised by lenders are 'capital repayment' mortgages. All this means is that you'll repay the amount borrowed and the interest at the same time. The alternative is an 'interest-only' mortgage, in which you'll only pay interest to your lender until the end of the deal, when the remaining amount must be repaid.
A major advantage of a repayment remortgage is that your repayments are fully structured, so you'll know when you are due to pay the mortgage off. Each payment you make will gradually be reducing your debt. An interest-only mortgage is set over a fixed period, but you'll be responsible for saving up for the 'capital' part of your mortgage.
It is important to keep up your monthly mortgage payments and not to fall into arrears, as this may be recorded on your credit file and could affect the availability of credit in the future. If you are struggling to keep up with your mortgage payments you should contact your lender immediately to discuss your options.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Ocean Mortgages arranges mortgages and re-mortgages from a panel of lenders. Ocean Mortgages will receive a commission from the lender upon completion. Ocean Mortgages charge a broker fee of between £495 to £1995 for advising and arranging a mortgage. This fee is only payable upon completion, is non-refundable and dependent on the product taken. Mortgages available subject to status. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.